1)The unadjusted trial balance as of July 31, 2016 for Company A is shown below: Additional information about year-end adjusting entries needed for Company A is as follows: Required: Assume that you are responsible for preparing and posting all appropriate year-end adjusting entries for Company A based on the information provided above. Assume that you have posted all the appropriate year-end adjusting entries to the Company A general ledger and you prepared an adjusted trial balance for Company A. Answer the following question about the adjusted trial balance for Company A: Which of the following statements are true? (There are multiple correct answers)

Answer the following question about the adjusted trial balance for Company A: Which of the following statements are true? (There are multiple correct answers)

The total credits on the Company A adjusted trial balance equals $421,800.

The balance in the Fees Earned account on the Company A adjusted trial balance equals $148,800 credit.

The total debits on the Company A adjusted trial balance equals $400,000.

The balance in the Salaries and Wages Expense account on the Company A adjusted trial balance equals $57,750 debit.

The balance in the Accounts Receivable account on the Company A adjusted trial balance equals $44,950 debit.

The total debits on the Company A adjusted trial balance equals $420,300.

The balance in the Insurance Expense account on the Company A adjusted trial balance equals $4,500 debit.

2)Consider the following data: Silicon Valley Company purchased an asset on January 1 at a cost of $78,000. It is expected to be used for five years and have a salvage value of $8,000. Calculate the depreciation expense for each year of the asset's useful life under each of the following methods: Under the sum-of-the-years-digit method, the book value of the asset at the end of year 4 would be:

None of these answers are correct

$36,000

$8,000

$10,109

$16,848

$54,667

$22,000

$78,000

$12,667

$28,080

3)Silicon Valley Company had cost of goods sold for the year of $1,600,000. Merchandise inventory at the beginning of the year was $195,000 and merchandise inventory at the end of the year was $205,000. The average number of days that the inventory was held during the year was

Answer options for question 15

None of these answers are correct.

39.6 days

25.0 days

8.0 days

45.6 days

54.6 days

Unadjusted Trial Balance July 31, 2016 Credit Debit Balances Balances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated Depreciation Building. 62,850 Equipment 45,000 17,650 Accumulated Depreciation-Equipment Accounts Payable 3,750 Unearned Rent 3,600 Common Stock 60,000 93,550 Retained Earnings Dividends 8,000 Fees Earned 158,600 56,850 Salaries and Wages Expense. Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense................................................... 6,100 Miscellaneous Expense 4,025 400,000 400,000